We all know the important of having insurance in place, but how much do you really understand about the cover you buy? Insurance can be tricky at times and often people don’t understand what they need or sometimes, even what is legally required.
The most important aspects to consider are does it protect you from the things most likely to go wrong in the home care environment? And does it meet the sector’s legal and regulatory requirements? We always recommend speaking directly with a specialist insurance broker before getting covered and the following advice should help ensure you have the right cover for your business.
In general some covers, such as Employers’ Liability, are necessary to trade legally. It covers your liability for bodily injury, illness, or disease to your employees. Many diseases develop over a long period and may not become apparent for some time. Employers’ Liability policies are normally underwritten on a “claims occurring” basis which means that the insurer who provided cover at the time the disease was caused must assume responsibility for paying the claim. Whilst there is no legal requirement to do so, Towergate currently recommends you keep your insurance records indefinitely.
Public Liability Insurance is designed to provide you with financial protection should a member of the public (including service users) or even another company, claim they have suffered as a result of your negligence or that of your employees. The basic cover is for sums you are legally liable to pay in respect of bodily injury, death, disease, illness or loss of or damage to property. Unlike Employer’s Liability, Public Liability Insurance is not compulsory although many insurance brokers will offer this cover as standard up to £5 million. Towergate offers this cover as standard up to £10 million.
As needs change, businesses grow, diversify, move into different areas, sometimes even downsize, and any of these things could have an implication on your insurance. That’s why we have put together these simple tips to get you started along the road to making sure you have the best business insurance which covers you where you need it most.
If you want to check you have the cover you need, please call us on 01438 739739 where we will be happy to help you.
Alison Wild BCom (Hons), MAAT, ATT, Taxation Technician is a highly respected industry professional who has been working with and advising SMEs in areas including tax, pensions, insurance and marketing for over 25 years. She is a member of the Association of Accounting Technicians (AAT) and Association of Tax Technicians (AAT) and also has considerable experience as a residential landlord.
Date: April 17, 2015